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TPD Question

Discussion in 'Superannuation, SMSF & Personal Insurance' started by karen1957, 23rd Oct, 2009.

  1. karen1957

    karen1957 New Member

    Joined:
    23rd Oct, 2009
    Posts:
    2
    Location:
    Adelaide
    Hello Everyone,

    I was just wondering if anyone could tell me how long roughly it takes once you have completed claim forms for TPD benefit until you are notified if you are successful and it is paid?

    Any information would be very much appreciated.

    Kind regards
    Karen
     
  2. Global1

    Global1 New Member

    Joined:
    14th Oct, 2009
    Posts:
    4
    Location:
    Melbourne, VIC
    Hi Karen,

    The short answer is that it depends; it depends upon the accident/injury/illness that has triggered the TPD, the insurer, supporting evidence, your doctor/s (or their doctor's dependent on insurer and policy details).

    It also depends on how you obtained the insurance and whether or not you have an financial adviser to help you through the claims process. If so, and assuming your adviser is pro-active and truly cares about their clients, involve him or her in the claims process as this can dramatically speed up the process.

    I have personally assisted clients with claims where the time between first contacting the insurer about a claim and recieving insurance proceeds has varied enormously, between less than one month to over six months.

    I hope this is of some assistance and not too 'grey' an answer. If you have a current adviser I would encourage you to contact him/her and leverage off their relationship with the insurer. If not it may be time to find one, especially if you are unsure of the tax implications of your claim (I understand from the thread that this is within superannuation).
     
  3. karen1957

    karen1957 New Member

    Joined:
    23rd Oct, 2009
    Posts:
    2
    Location:
    Adelaide
    Hi Global 1,

    Thanks for replying, after reading your post i feel that maybe I should have gotten my solicitor who handled my workcover and common law to do this. Its too late now . We are not talking about a lot of money its only 24 thousand, I already had my super 3 years ago on compassionate grounds and only recently remembered that I had insurance. I guess all I can do now is wait and see what they say. Thank you once again your input was appreciated :)